The Land Bank of the Philippines posted a record high net income of P9 billion or US$211 million in 2011
The figure is 11 percent higher compared to its 2010 net income of P8.1 billion.
The bank also enjoyed sustained growth in loan portfolio, deposits and assets.
Landbank president and chief executive officer Gilda E. Pico attributed the Bank’s robust overall performance to increased income from loans, prudent cost management and clear institutional focus.
From its 2011 net income, Landbank remitted to the national government P5 billion in cash dividends. The amount remitted also included the balance from the Bank’s 2010 net income.
This forms part of Landbank’s contribution to the government’s coffers in support to its revenue generation efforts and fiscal consolidation program.
The Bank’s total assets expanded significantly by 13 percent to P638.9 billion from P565.7 billion in 2010.
The capital base also grew substantially by 13 percent to P71.6 billion from P63.2 billion in 2010.
Further reflecting the Bank’s sound financial position, capital adequacy ratio was at a healthy 16.47 percent. Return on equity was at 15.44 and also remained above the industry average.
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